The Financial Conduct Authority (FCA) has found that some promotions for financial products are still falling short of its rules and firms need to do more to ensure that advertisements do not mislead consumers. Since 1 April, the FCA has reviewed over 1,500 financial promotions for consumer credit products. The rules state that all promotions […]

On the 1 January 2015, the Guernsey Financial Advice Standards (“GFAS”) are proposed to come into force. GFAS will introduce a minimum qualification level for relevant financial advisers equivalent to Of qual level 4. Those individuals providing advice to retail clients prior to 31 December 2014 will have until 31 December 2015 to obtain a […]

June 2014 Between October and December 2013 the Commission undertook a series of 12 on-site visits to intermediaries providing advice to retail customers on investments and long-term insurance products (“the Review”). The Review formed part of the Commission’s ongoing work to ensure retail customers receive an appropriate level of protection. The series of visits were […]

• has clarified when a personal recommendation is given as part of automated advice and shares examples to illustrate the point. • has sought to clarify the boundaries between different investment advice models as it launches a guidance consultation. • also spells out what advice can be issued through different media, including social media. The […]

  The Financial Services Compensation Scheme (FSCS) is facing claims worth around £2.55m for 12 investment and life & pensions firms newly declared in default – which would need to be paid for by investment adviser levy-payers. The firms, which consists of seven investment intermediaries and five life and pension advisers, racked up a total […]

From Professional Adviser magazine – All is forgiven G10! Paraplanner Kim Bendall on today’s ‘flawed’ qualifications landscape A spot of nostalgia as Kim Bendall, senior paraplanner at The Paraplanners, compares today’s financial advisory qualifications with those of yesteryear… The CII has recently announced that it is axing some of its entry level Certificate in Financial […]

The Upper Tribunal (Tribunal) has upheld the decision of the Financial Conduct Authority (FCA) to fine Scottish firm Westwood Independent Financial Planners (Westwood) £100,000 for communications and suitability failings in relation to geared traded endowment policies (GTEPs). The judgment was issued by the Tribunal on 22 November 2013 after 9 days of hearing in April […]

The FCA expect firms who describe their services as independent to conduct a comprehensive and fair analysis of the relevant market, which is unrestricted and unbiased. We do not have a preference on whether a firm or adviser is restricted or independent, as long as it is clear to the client from the outset what […]